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Retail Shop Insurance

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Insurance for retail shops

Retail shop insurance NZ

Retail shop insurance is a specially designed package that caters to the unique needs of shop owners. It combines different types of insurance policies into one bundle, ensuring that a retail shop has comprehensive protection.

Why is retail shop insurance important? 

Imagine a scenario where a customer slips and falls in your shop or a natural disaster damages your stock. Retail shop insurance helps cover these unforeseen costs. Having insurance ensures your business can recover from unexpected events without huge financial losses.

In New Zealand, the average cost of retail insurance typically ranges between $100 – $200 per month. 

It’s crucial to have retail shop coverage if your business:

  • Stocks valuable goods
  • Employs several staff
  • Welcomes many customers daily
  • Rents or owns a physical space

What insurance covers are typically included in retail store insurance? 

Public Liability

This policy covers common retail business risks including bodily injuries, customer property damage, and advertising injuries. It’s required for most commercial leases.

Best For
  • Business Accident Coverage
  • Third-party Damages
  • Legal Cost Protection

Statutory Liability

This cover is a type of protection that helps retail shops cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties

Stock Insurance

Stock insurance in NZ is a type of coverage that helps protect retail stores from the loss or damage to the items they sell.

Best For
  • Mishaps 
  • Natural Disasters
  • Fires

Business Contents Insurance

Business contents insurance in NZ is for protecting all the important stuff inside a retail shop such as the fit out. If there’s a problem or accident, the insurance can help with the expenses.

Best For
  • Accidents 
  • Floods
  • Fires

Business Vehicle Insurance

Protects vehicles used for work purposes. It covers accidents, damages, and injuries related to the vehicle while it’s being used for business and personal activities.

Best For
  • Repair costs
  • Third party damages
  • Injuries 

Cyber Insurance

Insurance that helps protect retail businesses from financial losses caused by cyber-related incidents, like data breaches and computer attacks.

Best For
  • Ransomware attacks
  • Phishing scams 
  • Cyber extortion 

How much does retail shop business insurance cost?

Retail shop insurance premiums are calculated on several different factors including:

  • Types of cover
  • Turnover
  • Location 
  • Claims History 

Retail shop insurance in NZ typically costs between $100 to $200 per month

Who needs retail shop insurance?

Any business that operates a retail outlet in NZ should consider retail shop insurance. This includes clothing stores, electronics shops, grocery stores, and more. Whether you’re a small boutique owner or run a larger retail chain, this insurance package ensures you are protected against common risks.

While it’s not always a legal requirement, many landlords or leasing companies may require you to have specific insurance in place as a condition of your lease.

Public liability covers your business if someone is injured or their property is damaged while in your store. Product liability, on the other hand, covers you if someone is harmed by a product you sell.

How do I get a retail shop insurance quote? 

We understand the unique needs of retail shops in New Zealand. Leveraging our extensive industry knowledge and partnerships, we provide comprehensive retail shop insurance quotes from the top insurers in the country. Entrust us with your requirements, and we’ll ensure you receive the most competitive and tailored coverage options available.

To obtain a retail shop insurance quote we may require you to provide some fundamental details about your business, such as:

  • The name of your business
  • The total number of employees
  • Predicted annual income
  • Years of experience in the industry

How do I get proof of retail shop business insurance?

You can usually get proof of retail shop insurance same day when you purchase insurance through Gerrards.

Acquiring a retail shop business insurance certificate from traditional insurance brokers may require a few weeks, a delay that could create problems for policyholders who need instant insurance proof for an imminent contract or project. We can typically provide a retail insurance certificate within 48 hours. 

To obtain insurance coverage promptly, contact one of our retail insurance brokers. 

What does retail store insurance not cover?

Intentional Damage

Insurance is meant to protect businesses from unforeseen incidents. If damage or injury is caused intentionally by the business owner or employees, the insurance won’t offer coverage. For instance, if an employee deliberately breaks a shop window or damages stock, the costs of those actions will not be compensated by the insurance policy.

Wear and Tear

Insurance is there for sudden and unexpected events. Regular wear and tear, rust, corrosion, or maintenance issues aren’t covered. So, if your shop’s floor gradually wears out over time, it’s not something your policy will typically cover.

War and Terrorism

Most policies won’t cover damages caused by acts of war or terrorism. This is due to the large scale and unpredictable nature of these events.

Other common questions about retail shop insurance

Yes, most policies cover theft, but details can vary. For instance, there might be limits on cash coverage if a significant sum is stolen from the cash register.

Definitely! As businesses evolve, so do their risks. If you expand, move, or diversify your product range, you’ll need to reassess your coverage needs.

If you move stock between locations or to customers, goods in transit coverage can be crucial. Some policies might offer this as an extension or add-on.

Should an incident occur, it’s important to contact us promptly. We’ll provide guidance on collecting evidence, filing documents, and the steps involved in the claim process.

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